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Nacchio Appeals Insider Trading Conviciton
Former Qwest Communications International Inc. CEO Joseph Nacchios legal team is seeking to overturn his conviction for insider trading.
Nacchios attorney, Maureen Mahoney, filed a 58-page brief with a federal appeals court Tuesday saying there was insufficient evidence for a conviction. She also said the judge gave improper jury instructions and excluded important defense testimony in addition to other company information.
The appeal seeks a new trial.
Nacchio, who is free on $2 million bail, was convicted in April of 19 of 42 counts of insider trading of $52 million of Qwest shares in 2001. He was sentenced to six years in prison, ordered to forfeit his gains and pay a $19 million fine. Nacchio also faces a lawsuit by the Securities and Exchange Commission.
His appeal is set for Dec. 18.
Qwest Communications International Inc. www.qwest.com
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